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Transfering freehold land to SMSF

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maxoid View Drop Down
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Joined: 18/June/2011
Location: Australia
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  Quote maxoid Quote  Post ReplyReply Direct Link To This Post Topic: Transfering freehold land to SMSF
    Posted: 26/April/2012 at 15:43
Is it possible to transfer vacant land which I freehold to my SMSF.

I'm assuming I can use the NSW VG's valuation to value the transaction and there will be the standard costs of transfer involved.

I'm looking into the matter ceiling level you can privately contribute per year also .. if someone has an informed view on this also it would be great.

Any thoughts would be helpful

Micheal

NotGuilty View Drop Down
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Joined: 19/February/2008
Location: ACT
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  Quote NotGuilty Quote  Post ReplyReply Direct Link To This Post Posted: 26/April/2012 at 23:31
How is the vacant land going to generate income? Why not simply sell the land?

maxoid View Drop Down
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  Quote maxoid Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2012 at 08:23
I'm looking to develop it and thought the SMSF was the best avenue with tax concessions and the like.

I know there are a lot of other questions to answer and establish before I jump this way but why spend a lot of time looking at the other influences unless this get a tick..

MikeF View Drop Down
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Joined: 22/July/2010
Location: Australia
Posts: 50
  Quote MikeF Quote  Post ReplyReply Direct Link To This Post Posted: 30/April/2012 at 08:19
Hi

Unless the land presently comes under the definition of 'Business Real Property', then the answer is no you can't transfer it.

Also development of land within an SMSF is also very difficult to do within the rules.

Mike Feltscheer
www.navstarfinancial.com.au

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